The city-based company also believed that the foreign business growing this year despite uncertainty around the tariff.
Addressing the shareholders at the 66th annual general meeting on Thursday, the President of Wheels India Limited, S. Ram said, “Foreign subsidiary companies in the United States and Europe will further emphasize for business development and customer assistance in these geography.”
He said, “The company has entered the construction and tractor segment in foreign markets and the possibilities seem good,” he said to a shareholder responding to a query.
While there was uncertainty at the moment, he believed that his company was positive on the export front.
Referring to the bus segment, where the company is a malignant player, Ram said, there has been a ‘strong growth’ in the bus segment, where it supplies air suspension system and wheels. In the agricultural tractor segment, he said, this segment registered an increase of 8 percent in a new tractor wheel line in a favorable monsoon. He said.
On the passenger vehicle segment, Ram said that utility vehicles contribute to 65 percent of the total units sold.
With the penetration of aluminum wheels, the company started supplying to one of the four big car manufacturers in the last financial year, saying, without expansion.
On the air suspension segment, he said that the segment is doing well and his company has not only supplied traditional automobile manufacturers and OEMs (original equipment manufacturers), but also became a ‘important supplier’ for electric vehicle manufacturers.
He said that wheels India is expected to take infra-activity in both domestic and foreign markets in the construction and mining segment, where it supplies wheels, welded structural components and hydraulic cylinders, said.
In FY2025, wheels India recorded an increase of 56 percent in its net profit, which violates a milestone mark of Rs 100 crore compared to the previous financial year, the company said.
